I've been looking forward to this LTM. I hope/believe they are using it as a trial run for a permanent feature in the future.
I just watched a video of some people playing the new mode. They maxed out wood mats with two pallets.
Key notes:
1. You have 1 hour
2. There isn't a storm until 55 minutes in and then it closes in the remaining 5 minutes
3. You respawn when you die (unless you die in the storm)
4. You respawn by launching from the air again (but not from the bus)
5. You can edit each others builds, which can get confusing if you are 1v1 or 2v2'ing.
6. They have updated the map to show more areas being rebuilt from the meteor strikes (i.e. a lot of pallets in Tilted and wood framing going up). Dusty Divot now has a lot more grass and trees in it.
My only feedback would be that they need to find a way to change within the game if you and your teammates can edit each others builds. That way if you are practicing ramp rushing, etc. with your teammates, you can edit their builds and yours. However, if you are 1v1'ing or 2v2'ing, you can't edit your "opponents" builds.
Additionally, if you are 2v2'ing and you set a trap, your partner will be killed by your trap the same way the "enemy" will be.